Proof of Funds (Express Entry)

[cansha]

Hello All,

I have a question regarding Proof of funds letters from financial institutions.

I am with chase and I do not have any chase bank ( physical location) in my state. I have to travel 4 to 5 hours to get to the nearest one. Do I need to get a letter from them saying that my current balance and my average six-month balance or just the statements which I can get from my online account?

Thanks in advance

Try calling the customer care.

 

[anandekraj]

Hi guys I need your help...
I have salary account and I have enough money to show POF but salary account is zero balance bank denied to give me average monthly balance. As per them they will give certificate of balance till date......

Please advise if I submit 6 month statement and this certificate along with a letter explaining that bank denied to give average monthly balance due to salary account but I am attaching 6 month statement to justify I have that that much amount. Will it work or any other suggestions

 

[tobs]

Hi guys I need your help...
I have salary account and I have enough money to show POF but salary account is zero balance bank denied to give me average monthly balance. As per them they will give certificate of balance till date......

Please advise if I submit 6 month statement and this certificate along with a letter explaining that bank denied to give average monthly balance due to salary account but I am attaching 6 month statement to justify I have that that much amount. Will it work or any other suggestions

A lot of banks deny giving an average balance, so your case is more common than you know, so a Bank statement & a LOE will suffice to explain . Ensure the bank letter you get from the bank contains all the necessary info as seen on the CIC website (like, date of opening, etc), signed & stamped, etc.

 

[tobs]

Thank you! But my bank does not and cannot provide me a letter

Call your bank, they can & should be able to provide the signed bank letter or something close to it.

 

[Mehrdad2275]

You dont have to get the equivalency, no idea why you think you are required to get it.

Thanks for the advice. Will forego the equivalency

 

[nishant872]

In POF letter, we have bank balance as on date greater than required amt but for last six months balance is 2-3 lakhs

In LOE do we have to explain? The difference amount was arranged by liquidating the MF investments into my individual bank accnt and then transfering the balance to joint accnt (as spouse is the primary applicant hence i had to transfer the amt into joint bank accnt)

will this be ok?

 

[Gayathri Seshanjali]

Hello everyone!

I received a refusal letter from CIC because they say that my current account balance is below what they require for a family of two (which is more than CAD15,000 - they said I only have CAD12,000). When I try to compute it myself, I have around CAD20,000. I already sent an enquiry to IRCC to ask for further explanation but it has already been two weeks since they told me they've forwarded it to the responsible office and I still haven't received any response yet. Do you have any advice on this? Do you think I should just submit another express entry profile (CRS is 433)?

Hi any update on your status and any clarification on how your funds were calculated and got rejected?? It would be great if you share some information on this

 

[devyani12]

Hi ,

I was asked to submit an explanation for proof of funds as they have come from my mom dad and sister . Is a separate gift deed needed for all three of them or only one .
Also is an addidavit needed too .

 

[cansha]

Hi ,

I was asked to submit an explanation for proof of funds as they have come from my mom dad and sister . Is a separate gift deed needed for all three of them or only one .
Also is an addidavit needed too .

If they used individual accounts I would say have a separate gift deed. No affidavit is needed.

 

[claramcarvalho]

Hello guys!

I have a car that I will sell by the time I get ITA, because part of my POF is the value of that car.
Because of that, 1/3 of my POF will be in my account in less than 6 months - but car was mine since 2016, I just couldn't sell it before knowing that PPR was a realistic idea.

Do you know that, proving that car was mine and that I actually sold it, will that be enough to POF, even if money will be in my account for less than 6 months?

 

[Anishcool]

Dear All,

I received my ITA during last draw.

I am in the process of procuring proof of funds leter from the bank. Assuming I would get an ITA, I had deposited around 12300 CAD as a Fixed Deposit than during November 2017. Unfortunately, due to the rapid plummeting of INR against global currencies, the funds I hold VS CAD do not meet the CIC funds requirements.

Therefore, I am planning to infuse more funds into my account - source, my parents.

now my questions are:

1. What is the best way to show that the additional funds infused into bank account to mitigate currency value fluctuations are legit?
2. My current situation is like - 90% percent of funds are more than 6 months old and 10% is fresh. Should I mention about this bank letter and explain the same in a Letter of Explanation?
3 I possess almost the 90% of the required funds through Fixed Deposits. I am not sure if there is a way to project an average six month balance for a Fixed deposit account. Should I get the bank to state something on the lines that, average balance could not be stated given the nature of an FD account? How do I overcome this phenomenon?

It is highly appreciable if I get a response/suggestion/solution for my concerns outlined above, before this Friday where I will be approaching the bank for the letter process

(Getting paranoid already)

 

[vishakha0309]

Hi guys,

Do I need to have the proof of funds in one single account or is it ok to have the amount in multiple accounts?
Please advise..

Thanks...

 

[cansha]

Hi guys,

Do I need to have the proof of funds in one single account or is it ok to have the amount in multiple accounts?
Please advise..

Thanks...

multiple accounts are okay

 

[thog89]

If I am receiving POF funds from my father, do I need to produce 6 months statement or 1 month statement with the POF transaction is enough ? (with Gift deed, affidavit and LOE)

 

[Anishcool]

Dear All,

I received my ITA during last draw.

I am in the process of procuring proof of funds leter from the bank. Assuming I would get an ITA, I had deposited around 12300 CAD as a Fixed Deposit than during November 2017. Unfortunately, due to the rapid plummeting of INR against global currencies, the funds I hold VS CAD do not meet the CIC funds requirements.

Therefore, I am planning to infuse more funds into my account - source, my parents.

now my questions are:

1. What is the best way to show that the additional funds infused into bank account to mitigate currency value fluctuations are legit?
2. My current situation is like - 90% percent of funds are more than 6 months old and 10% is fresh. Should I mention about this bank letter and explain the same in a Letter of Explanation?
3 I possess almost the 90% of the required funds through Fixed Deposits. I am not sure if there is a way to project an average six month balance for a Fixed deposit account. Should I get the bank to state something on the lines that, average balance could not be stated given the nature of an FD account? How do I overcome this phenomenon?

It is highly appreciable if I get a response/suggestion/solution for my concerns outlined above, before this Friday where I will be approaching the bank for the letter process

(Getting paranoid already)

Somebody please advise.